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Purchase Rate Assumptions and APR Information

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Today's purchase rates are based on the purchase of a single-family, primary residence, and a 60-day interest rate lock-in period and assumes the loan will have an escrow account.

Interest Rate (may increase after closing) %
APR %
Loan Amount
Down Payment 0.0%
Term
Time Initial Rate and Payment is in effect
Maximum Lifetime Caps Over/Under Original Rate %
Initial Monthly Principal & Interest Payment
(Excludes taxes and hazard insurance; total payment will be higher)
First Adjusted Interest Rate (Months 1 - 12) %
First Adjusted Payment (Months 1 - 12)
(Excludes taxes and hazard insurance; total payment will be higher)
Fully Indexed Interest Rate (Months 13 - ) %
Fully Indexed Payment (Months 13 - )
(Excludes taxes and hazard insurance; total payment will be higher)
$0.00
Closing Costs
Upfront Mortgage Insurance Premium n/a
as of 07/31/2015 07:37 PM Eastern Standard Time

The following table illustrates the minimum and maximum payments over the life of this loan example.

Projected Payments

Payment Calculation
Principal & Interest
Mortgage Insurance
Estimated Escrow

(Amount can increase over time and is dependent on property location)

Estimated Total Monthly Payment

(Excludes taxes and hazard insurance; total payment will be higher)

This is sample information. After applying, you will receive a Loan Estimate containing your transaction information.

Estimated Taxes, Insurance & Assessments
(Amount can increase over time)

This estimate includes




In escrow?

Important disclosures, assumptions and APR Information

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The number of days before a loan closing in which a customer's loan is protected from financial market fluctuations in interest rates. Locking in an interest rate range doesn't guarantee the specific rate that applies at closing. The final interest rate is determined by specific transaction characteristics and the borrower's credit history up until loan closing.

Fully Indexed Payment

The amount of the principal and interest payment calculated when using the fully indexed rate.

Fully Indexed Interest Rate

The fully indexed interest rate is equal to the margin plus the index (an economic indicator used to determine changes in the interest rate).

First Adjusted Payment

The new estimated monthly payment due when the interest rate on adjustable-rate mortgage is reset. After the initial fixed-rate period, your interest rate can increase or decrease annually according to the market index. Any change may significantly impact your monthly payment.

First Adjusted Interest Rate

The first adjusted interest rate is an estimate of the interest rate that may be charged on the loan when it first adjusts at the end of the fixed-rate period. Since future rates cannot be predicted, it is calculated by adding the current index rate to the margin (subject to the first adjustment cap).

Jumbo

A loan that exceeds Fannie Mae's and Freddie Mac's loan limits. Also called a non-conforming loan.

Larger Loan Amounts in Eligible Areas

In federally designated metropolitan areas, conventional and FHA loan limits have been increased to assist homebuyers.

FHA

A mortgage that is backed by the Federal Housing Administration (FHA). Along with VA loans, an FHA loan will often be referred to as a government loan.

Conforming

Conventional home mortgages eligible for sale and delivery to either the Federal National Mortgage Association (FNMA) or the Federal Home Loan Mortgage Corporation (FHLMC). These agencies generally purchase first mortgages up to loan amounts mandated by Congressional directive.

APR

A yearly percentage rate that expresses the total finance charge on a loan over its entire term. The APR includes the interest rate, fees, points, and mortgage insurance, and is therefore a more complete measure of a loan's cost than the interest rate alone. The loan's interest rate, not its APR, is used to calculate the monthly principal and interest payment.

Interest Rate

The percentage of an amount of money which is paid for its use for a specified time.